Monday, August 01, 2005

151. Career = Ongoing business concern

"Investment is most intelligent when it is most businesslike." - Benjamin Graham

Those precise 9 words constitute the most important lesson that Benjamin Graham taught Warren Buffett, according to the latter.

Buffett reiterated the same idea when he said that one should not own a piece of paper (share); rather one should own the actual business.

What he meant was, you can only truly own what you truly understand.

If you consider your career as a business (which makes sense, since there are inputs, outputs, a customer, a set of processes, etc.), then perhaps you owe it to yourself to thoroughly understand everything that is going on in your career.

What is going on in your job, is only part of it.

I included a picture of the Balanced Scorecard, which is often used to help companies to better measure their performance.

It can apply also to managing one's career. More in the next posting.